NOTE : This is an edited post of my previous article on ALGO which was rejected by professor @pelon53 due to repetition of the coin I mistakenly made, i had to trade another coin (MATIC) again to make up for this first post of mine. I would appreciate if this post is reconsidered and graded, thanks.
Good day steemians, I'm super excited to participate again in the week 4 of this trading contest and today I will talking about the POLYGON crypto project, also I will be placing a trade on the MATIC/USDT pair.
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Polygon (formerly known as Matic Network) is an Ethereum based network that is designed to provide multiple tools to improve the speed and as well minimize cost of transactions on blockchain network, it simply enables the blockchain network to connect and scale.
Since the polygon network operates using the Ethereum blockchain, it can also connects Ethereum-based projects and it enjoys the security, interoperability and structural benefits of the Ethereum blockchain. Furthermore, polygon uses the modified proof of stake operating protocol whereby consensus are achieved within every block, in this type of consensus mechanism, the participants within the network are chosen to validate the transactions going on within the polygon network and they are rewarded with the network native cryptocurrency known as MATIC. What polygon actually seek to address primarily is the slow speed of transaction and high transaction fees within the Ethereum platform. The borrowed features from Ethereum as well makes polygon a layer-2 network and like the name implies 'polygon', it has many sides, shapes and uses. This polygon project was created by some group of Ethereum developers namely Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjetic, it was founded in India precisely in 2017 and it was originally called Matic Network before it changed name to polygon. The native token of the polygon network is MATIC. Let's look at the market statistics of this coin.
As seen above, this coin is currently worth $1.61 and it's ranked number 16 on the coin market cap with a market cap of $12,395,750,012 and daily trading volume of $1,031,296,825. It also has a circulating supply of 7.70B MATIC.
Without mincing word, I can categorically say that polygon is one of the Largest projects with the crypto ecosystem, this token has a high potential for growth due to the increasing demand and adoption around the globe. This project also provides global partnership opportunities within the crypto space. I'm quite optimistic that this project will turn out good and eventually make a name for itself in the crypto ecosystem with time and I must say this is the best time for investors to jump in and invest in this coin. Also, in 2021, there was an exciting innovation that saw polygon launched it polygon studio, another arm of polygon which focuses on blockchain gaming and NFT, this move could establish polygon as a major leading technology provider for the decentralized gaming and NFTs and it will really help the marketability of this token.
WILL MATIC RISE ?
Yes, I certainly believe this coin will rise further. Looking at the image above, we can see that the coin has been in an uptrend and progressive move and I expect it to rise further in the coming years. However, crypto analysts have speculated the price of MATIC to hit $2.39 by december 2022 and by 2023, the price of the token could hit $4.25.
In this section, I will be performing a live trade on the crypto pair MATIC/USDT using my Binance account, however my analysis will be carried out on the MT5 trading platform.
To start with, I will head over to the 1hr timeframe to analyse the market.
As seen above, the market general trend is an uptrend movement but I noticed price momentum reduced when it got to the resistance level and it's looking like it might reverse from there and change trend. Similarly the RSI was at the overbought zone. Let's check the 30mins timeframe for more analysis.
There is no much difference here from what we saw in the 1hr timeframe but here, I can see a bearish candle forming which could signal the start of a bearish trend. Also the RSI is at the overbought zone here as well and it validates a possible 'SELL ENTRY' here so I'm going to head over to the 15mins timeframe to place my trade.
As you can see on the 15mins timeframe, I was able to identify my SELL ENTRY point and I placed my stop loss and take profit at strategic zones using the risk to reward ratio of 1:2.
This is the progress of the trade trade I took so far. My entry price was 1.74100 and as seen above I have made a profit of 14.34% so far.
No, I do not plan to hold it for a long time, this is due to the nature of the trade I took which is a short term trade. I closed my trade in profit and I'm not considering holding the position for a long term.
I can recommend this coin to everyone because it has great potentials. I will be highlighting some reasons behind this below.
This coin has a high potential growth as a result of the NFTs demand which has increased the popularity of this coin within the crypto ecosystem. Polygon offers a cheaper platform for the minting of NFTs when compared to Ethereum hence the high demand for it.
Also, it's important to know that many DeFi projects that we see around in the crypto industry were actually built on the polygon network, this is due to the cheap transactions that occurs on the polygon platform.
Another interesting reason why this polygon project is a solid one and should be recommended is because it has partnered with many global businesses like ATARI, ZIPMEX and Brand Protocol. This could happen because polygon offers a higher level of flexibility and scalability.
The polygon network has a large Ecosystem. Currently we have over 700 dAPPs that has been developed on the polygon network with over 470,000 users.
Lastly, the polygon project is highly scalable, it has a speed of processing over 7,200 transactions per second (TPS) which is very good for scalability.
Firstly, I will like to state some notable exchanges where we can trade, buy or exchange this coin. Among them we have, Binance, coinbase, Gate.io, Huobi Global, Kucoin, Bybit, Bitfinex, Kraken etc. More details on this can been seen in the image below.
Let's also take a look at the official site of this platform.
Also, let's take a look at the blockchain explorer of the polygon network where we can check all the latest transactions going on within the network and other details about the coin
In this post, I have been able to discuss extensively the POLYGON crypto project in relation to the project background, founders, market statistics, price projections and recommendations.
I also placed a trade on the crypto pair MATIC/USDT using my Binance account, however my analysis were carried out on the MT5 trading platform using multiple timeframes.
Special thanks to the team leader, professor @pelon53 for his support and guidance.